5-1-1
1.
2.
3.
4.
5.
5-1-2
11.
( )
4900 49%
3000 30%
2100 21%
10,000 100%
14 2005 2 1 2006 12 15 2008 4 23 2008 11 5 2009 5 6 2009 12 30 2010 5 11 2010 6 29
5-1-3
2011 2 1 2011 7 27 2011 9 28 100 2012 3 9 2012 8 13
5-1-4
2
3.
2004 9 2008 7
4.
5-1-5
6 2006 8 2011 5 2011 5 2012 5 2012 10 22
5.
100
55
1984 1 1
349,018,545,827
010-66105799
2012 12 157 30 95%
5-1-6
1998 QFII QDII QDII ESCROW 2012 12 282 5 277 2003 35
1.
4008210588 2.
5-1-7
5-1-8
5-1-9
5-1-10
5-1-11
5-1-12
5-1-13
5-1-14
5-1-15
5-1-16
5-1-17
5-1-18
5-1-19
5-1-20
5-1-21
5-1-22
3.
5-1-23
5-1-24
5-1-25
1
5-1
EG 净利润增长率
REG 预期净利润增长率
RG 营业收入增长
ROE 净资产收益率
EROE 预期净资产收益率
5-1-26
ROA 资产收益率
NAV 净资产增长率
12 EG ERG RG ROE EROE ROA NAV
wwwwwww N-3 20% N-2 30%
N-1 50%
GI GI=
EG REG RG ROE EROE ROA NAV
EG REG RG ROE EROE ROA NAV wwwwwww ×+×+×+×+ ×+×+× (GI) N%
1
5-2
PE 市盈率
PB 市净率
PS 市销率
PCF EV/EBITDA 企业价值倍数
5-1-27
2
12 PE PB PS PCF EV/EBITDA
wwwww N-3 20% N-2 30% N-1 50%
3
VI VI=
PE PB PS PCF EV/EBITDA
PE PB PS PCF EV/EBITDA wwww w ×+×+×+×+ × (VI) M% M% N%
/ 21~25 14~20 7~13 0~6 = + + +
5-1-28
/
/ / 21~25 14~20 7~13 0~6 6~10 1~5 -10~0 = + + + +
3.
5-1-29
5-1-30
1 131,697,415.3
0
79.23
131,697,415.3
0
79.23
2 - -
- -
- -
3 - -
4 - -
- -
5 33,421,728.80 20.11
6 1,105,067.66 0.66
7 166,224,211.7
6
100.00
A 1,169,000.00 0.71
B 11,396,420.00 6.88
C 92,623,217.99 55.96
C0
21,606,456.52 13.05
C1
206,699.04 0.12
C2
- -
C3
- -
C4
35,759,581.73 21.60
C5
- -
C6
6,257,540.20 3.78
C7
6,018,934.00 3.64
C8
22,774,006.50 13.76
C99
- -
D - -
E 15,331,656.60 9.26
F - -
G 5,907,875.54 3.57
H 1,321,000.00 0.80
I - -
J - -
5-1-31
K 3,948,245.17 2.39
L - -
M - -
131,697,415.30 79.56
1 002140 655,199 15,331,656.60 9.26
2 600143 1,659,200 9,556,992.00 5.77
3 600315 167,267 7,803,005.55 4.71
4 002004 465,213 7,187,540.85 4.34
5 600486 320,000 6,729,600.00 4.07
6 000596 166,860 6,140,448.00 3.71
7 600559 199,916 5,691,608.52 3.44
8 000848 330,000 5,504,400.00 3.33
9 002255 339,800 4,699,434.00 2.84
10 600588 319,906 4,507,475.54 2.72
1 1,000,000.00
2 -
3 -
4 6,110.47
5 98,957.19
6 -
5-1-32
7 -
8 -
9 1,105,067.66
, ,
-22.87% 1.09% -24.39% 1.10% 1.52% -0.01%
= 200 50%+ 50% 75%+ 25% 2012 9 30
2 2010 06 29 2012 9 30
5-1-33
2010 6 29
1.
580001 580002 580003 A 582001 C 582201 580005 580006 A
583001 B 583101 585001 580008 582003
2
5-1-34
5-1-35
1 2 100 1.5% 100 -200 1.2% 200 -500 0.8% 500 1000 3 0.5% 0.25% 0
5-1-36
25% 1)
2)
3)
4) 0.1%
3 7 (1) 2012 07 11
5-1-37
(2) 2012 07 20 2012
(3) 2011 07 24
(4) 2012 08 13 2012 2 2012 2
(5) 2012 08 22
(6) 2012 8 25 2012 2012
(7) 2012 9 18
(8) 2012 10 15
(9) 2012 10 15
(10) 2012 10 17
(11) 2012 10 17
(12) 2012 10 25 2012
5-1-38
(13) 2012 10 27
(14) 2012 11 05
(15) 2012 11 07
(16) 2012 11 21
(17) 2012 11 26 ...
(18) 2012 12 17
(19) 2012 12 26
